McGuinty said he was recommending that Finance Minister Dwight Duncan take on Takhar's portfolio.

Midnight Friday is the deadline for those who want to seek the leadership and the party will choose the new leader at Maple Leaf Gardens in Toronto in late January.

Takhar says he plans to use his experience to empower Ontario's small business engine to create jobs and help Ontario families be the best they can be.

"I started and built several small businesses from the ground up, always recognizing that stable, reliable and well-paying jobs are the cornerstone of success for families and communities," Takhar said on his Facebook page.

Related on HuffPost:

Close



Dalton McGuinty Scandals

of





When you lead Canada's biggest province for nine years you're bound to have some missteps. Ontario's Premier Dalton McGuinty has had his share of scandals and mistakes.
We highlight a few that caused him more headaches than usual.
Photo: Ontario Liberal Party

Back in 2004, a relatively new Liberal government under Premier Dalton McGuinty was forced to go back on a campaign promise not to raise taxes and instituted a health premium of between $300-$900.
Photo: Alamy

In 2006, the Liberals tried to announce a new $46-billion energy plan that would see renovations of many of Ontario’s power plants. But the plan became a problem for the Liberals when the Globe and Mail revealed that the government tried to exempt their plans from environmental assessments.
Photo: Shutterstock

The government’s plans to modernize medical records in the province ran into massive scandal when reports of overspending, waste and possible conflict of interest were revealed at eHealth, the agency responsible for building a new electronic records system. The scandal forced the resignation of Health Minister David Caplan.
Photo: Shutterstock

Dalton McGuinty and the Liberals were criticized for laws giving police greater powers to ensure security during the G20 in 2010. The laws were seen by civil rights groups as draconian. Andre Marin, Ontario’s ombudsman also criticized the government calling the laws and police action a massive violation of civil rights.
Photo: AP Files/Carolyn Kaster

Ontario’s air ambulance service, Ornge, caused another headache for McGuinty’s Liberals after reports of financial irregularities, cost overruns, huge salaries for managers being kept secret and reports of kickbacks began to emerge in the media.
Photo: CP/Globe and Mail

Hobbled by scandal and facing a resurgent Conservatives in the 2011 provincial election, the Liberals cancelled two power plants in the GTA despite the fact it would cost taxpayers several hundred million dollars.
Ontario's auditor general estimates those costs could climb to $1.1 billion.
Photo: Michelle Siu/CP